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Essay Available:
Pages:
2 pages/β‰ˆ550 words
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Style:
APA
Subject:
Mathematics & Economics
Type:
Coursework
Language:
English (U.S.)
Document:
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Date:
Total cost:
$ 10.37
Topic:

Personal Financial Plan and Budget to Buy a House in 2 Years

Coursework Instructions:

ASSIGNMENT 2 SCENARIO
Imagine that you’re a single parent raising a child. You live in a small town where you grew up and went to school. You’ve worked at a local bank for 4 years, starting as a teller and advancing to the position of loan officer. You earn $50,000 a year. After you pay taxes and deposit a portion of your earnings into your 401(K) retirement account, your take-home pay is $40,375 a year.
You feel like you have great job security and enough income, so you’ve decided that now is the time to begin saving for a financial goal. You’re creating a budget to help you do that. You also happen to be in a situation where you need to move. You plan to choose a new housing option that will help you achieve your financial goal.
My financial goal is to save $20,000 for a down payment to buy a house over a time frame of:
two years
1. List and describe the steps you will take to create your financial plan and budget. Make sure you provide details about each step using the information on the previous pages. (Your response should be 4–5 sentences.)
2. Explain why you chose to save $20,000 for a down payment to buy a house over a time frame of two years. (Your response should be 2–3 sentences.)
3. Based on your budgeting, explain why you believe your financial goal and time frame are reasonable. Give specific examples of budgeting choices you made to enable you to meet your savings goal. (Your response should be 3–5 sentences.)
4.Which housing option did you select in the Excel file?
share an apartment with a friend for $9,000 per year that has a child
Explain why you chose this housing option and how it will help you achieve your selected financial goal. Be sure to include the specific considerations you made when selecting your housing option. (Your response should be 2–3 sentences.)
5. Explain your choices for non-rent expenses and how these decisions will help you achieve your savings goal within the time frame you selected. (Your response should be 4–5 sentences.)
6. How well did a step-by-step productivity plan help you create your personal financial plan and budget? (Your response should be 3–5 sentences.)
7. Complete Excell speadsheet attached enter your estimated yearly amounts for each budget category that hasn’t already been calculated for you. CALCULATE TOTAL EXPENSES AND PERCENTAGES by using the formula or Sum method.

Coursework Sample Content Preview:

Financial Plan
Student’s Name
Institutional Affiliation
Course Name and Number
Professor’s Name
Assignment Due Date
Financial Plan
First, I will begin by dividing up the $20,000 by 24 months. This will allow me to identify the amount I need to save every month to have a down payment of $20,000 in two years. Then I will calculate the balance I need to pay off after I have made the down payment. To do this, I will need to have all the financials related to my housing option, including interests accrued. Finally, I will set up a plan for the payment of the balance over the provided period. For instance, if I must pay off my mortgage in ten years, I will divide up my payment plan into 120 months.
Given that the down payment is fixed, I had to come up with a plan that allowed me to save an affordable amount of money every month. For instance, if I chose to save $20,000 over one year, I would have to save $1,667, which is twice the amount I plan to save currently. This would put me at a disadvantage financially since I would not have as much fiscal freedom. Also, I am in a situation where I need to move to meet my financial goal. This means that I also have to take into account the rent that I will pay every month.
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